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Sep 17, 2019

“The Death of Belize’s Financial System”

Caporaso and Partners Law Office in Panama says that Belize’s offshore banking system is dead. The law firm which specializes in offshore banking says that the recent closure of two offshore banks, Choice Bank and Atlantic International Bank Limited, has proven fatal for the country. Choice Bank folded after irregularities were identified by the Central Bank which pulled the Bank’s license and a liquidator was appointed. Caporaso and Partners Law Office says the liquidator was to dismiss all of Choice’s personnel and to name, in their place, people that were close to the government to “conduct a more in-depth investigation of the activities undertaken by the bank.” The law firm says that the government “impeded the distribution process of said assets from being completely fair.” Up to now, the liquidator has approved the reimbursement of fifty-three percent of the deposits declared in the accounts; however, it hasn’t completed all of the payments. In regards to A.I.B.L., the law-firm says that in the Sanctuary Bay scandal, Atlantic International denied any participation in the real estate fraud; however, its defense wasn’t accepted and found itself forced to close their doors. Caporaso and Partners Law Office the European Union and the Organization for Economic Cooperation and Development decided to put Belize on their blacklist for assumed tax evasion practices. This evening Governor of the Central Bank Joy Grant was asked for comment but declined.


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